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German minister says sees no immediate need to act on Evergrande

Kitco News

BERLIN, Sept 15 (Reuters) - German Economy Minister Peter Altmaier said on Wednesday he was closely watching the situation regarding China's Evergrande Group but he sees no immediate need to act.

Indebted Chinese property developer Evergrande is scrambling to raise funds to pay lenders and suppliers, as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or the less likely prospect of a bailout by Beijing.

"I can't answer anything seriously about this. We are following it very closely. At the moment, I think there is no immediate need to act," said Altmaier when asked about possible effects from the turbulence. (Reporting by Holger Hansen Writing by Madeline Chambers)

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